Ashif Mawji – Edmonton tech firm sold for $22M

Ashif Mawji - Edmonton tech firm sold for $22MEDMONTON – SciQuest Inc. paid $22 million US in cash for Edmonton-based Upside Software in a deal announced late Tuesday.

The deal is expected to close inside two weeks. SciQuest, a Nasdaq-listed cloud computing supply-chain management company based in a suburb of Raleigh, North Carolina, expects Upside to generate $15 million in revenue in 2013.

“We’ve heard in the last nine months a very specific need from our clients for this type of technology,” said SciQuest CEO Stephen Wiehe. “That moved it to the top of our priority list.

“We think it’s a great business, and we think we paid a very fair and appropriate price.”

Upside makes contract management software, including software-as-a-service. Past customers include Deutsche Bank, WorleyParsons and John Deere.

via www.calgaryherald.com.

Author: ismailimail

Independent, civil society media featuring Ismaili Muslim community, inter and intra faith endeavors, achievements and humanitarian works.

One thought

  1. Well done, brother.

    All the more power to you. Your goal pertaining to charity is commendable..

    Amir Jaffer (Sampully).

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.